07.04.202117:11 Forex Analysis & Reviews: Ichimoku cloud analysis of EURUSD for April 7th, 2021

EURUSD is trading at 1.19 where we find the kijun-sen (yellow line indicator) resistance. A daily close above 1.1908 will open the way for a move higher towards the cloud resistance at 1.2050-1.21. A rejection here will push price back towards the tenkan-sen support at 1.18.

Exchange Rates 07.04.2021 analysis

EURUSD continues its positive daily candlesticks as price breaks above the tenkan-sen (red line indicator). If bulls manage to capture the kijun-sen then we should see a move higher towards cloud resistance. Daily trend in terms of Ichimoku cloud indicator is still bearish as price is still below the cloud. Only in the 4 hour chart we had so far a trend change as price broke above the cloud. At the tenkan-sen (Red line indicator) we have important support (1.18-1.1820). The short-term trend changes if we break below that level.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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